Coffee Ends Higher
Arabica coffee futures for July delivery settled 155 points or 0.68 % higher at 228.40 cents a pound. The market continued supported by the Robusta market that today traded at the highest level since this contract began to trade in 2008. Limited supply and concerns about the Vietnam crop have propelled the prices of the London market. In the Arabica today, the strengthened of the nearby active May / July switch added support to the market. The switch traded up to 9.05 cents as rolls piled ahead of the first notice day, April 22nd. The devaluation of the Latin America currencies appeared not affecting coffee prices. The real of Brazil fell near 2% as the dollar climbed on tensions between Iran and Israel. Also, better than expected US retail sales data and declining hopes of rate cuts by the FED added support to the US currency. The real fell to lows of March 2023 trading at BRL5.26. The Colombian peso declined 0.6 % to COP 3,928.50, a seven-week low. Certified stocks decreased 1,064 bags to 623,481 bags. Pending grading decreased 9,266 bags to a total of 56,813. Total bags graded today 10,476: 6,726 bags passed (4,161 BR, 2,565 NI) and 3,750 bags failed (3,180 BR, 570 NI).
Robusta Jul24 contract settled at $3977 +28 with a 4036/3958 range. Another volatile time with another ATH print of 4058 (Base K4). Seems short covering from the commercials and continued spec buying is still on the agenda. Origin seem to have zero interest at these levels. Flat price volume was solid just over 11.4k lots on Jul24 alone. Nearby Structure continues to weaken off with May/Jul seeing a 20/30 range on 3.6k lots. OI remains around the 20k mark after todays activities with plenty of tidying up pre FND (25/04) Robusta Jul24 3800 puts vs 3984Δ37 trades 1000x @ 161, Robusta Jul24 4000/4500 (1x2) callspread traded 800x @ 50, Robusta CSO May24/Jul24 20 put traded 1000x @ 9.
At the time of writing
USDBRL 5.2695 +1.63%
USDCOP 3918.2 +0.87%
Miami London Brazil
305-925-4847 +44-203-580-6099 +55-11-3509-5426
ICE Arabica
Volume:
88,960
ICE Robusta
Volume:
21,684
Brazil Arabica
Volume:
950
Arabica-Brazil Arbitrage
Arabica-Robusta Arbitrage
Arabica Switches
Robusta Switches
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